The fret buzz was bad and action was, naturally, totally rubbish. I took it to a local guy here (a genius with guitar setups) and for £65 (about $110) he sorted it out.
He evened out all the frets, cut the slots to correct depth in the nut and set the action and intonation. It was a very good investment and absolutely essential. Ask the shop where you purchased the guitar from - they will no doubt have a guy (or gal) who does their setups who they can hook you up with.
You wont regret it. It will turn your good guitar into an exceptional one.